Manila Water, Metro Pacific drag PSEi lower
MANILA, Philippines - The Philippine Stock Exchange index fell 0.9% on Friday morning, as shares of Manila Water plunged more than 18% in early trade.
As of 12 noon, the benchmark index stood at 6,139.68 down 55 points.
Manila Water shares fell by as much as 18.39%, a day after the Metropolitan Waterworks and Sewerage System ordered Metro Manila's water concessionaires to cut rates in the next five years. Manila Water recovered slightly to P26.65, 14% down as of 12 noon.
Metro Pacific, which owns 52% of west zone concessionaire Maynilad, also saw it shares fall 4.47% to P4.49 as of 12 noon.
On Thursday, MWSS rejected the water firms' petition for a rate increase, instead ordering them to slash tarriffs.
Shares of Bloomberry Resorts also took a hit in morning trade, after the company scrapped its management services agreement with Global Gaming Philippines LLC (GGAM) over the latter's failure to manage Solaire Resort and Casino. Bloomberry shares dropped 3% to P11.92 at 12 noon.